Will Millennials Kill The Hyped Sales Event For Retailers?

Thanks to easy access to the web almost anywhere and social media, we have reached an age of transparency and authenticity. These aren't just the latest buzz words. They are real concepts that companies, organizations and brands need to deal with. It's fairly easy to get caught in a lie these days. If you say the customer is always right publicly but treat them like crap when they're in the store – it doesn't take long for that word to get out – not to just a few neighbors, but to thousands of people.

The next generation of consumers has grown up living in this world. Seems almost daily a new study comes out talking about how Millennials value truth and authenticity over most other attributes. They're willing to pay more to go to a store that they feel is a good corporate citizen. They don't mind if you make mistakes as long as you own up to them and atone for them right away. And it's this generation who is fast becoming the drivers of the economy. We've talked in this space befroe about the keys to marketing to Mellennials, but here we're looking at how Melliannials are effecting marketing.

Brands need to change their story and how it's told. In his recent article for Online Video Insider, Eric Korsh says, "that when brands think about how they use social channels, create videos, and generally tell their story, they need to keep everything open and honest. Hyberbole is out and truth is in. Vulnerability is in. Brands need to stand for something, say something be something – or be left behind by the next generation." He also talks about how, at this point in time, authenticity can be a competitive advantage, since few brands are able or willing to pull it off right now.

What does this mean for big retail sales events? As Millennials become a bigger part of the market and other generations start to look at authenticity as a standard for companies, will retailers still be able to hype big sales in order to move traffic into their stores. The short answer is yes. The longer and harder answer is, but only if you adapt your sales to the changing rules..Millennials still want to get the best deals possible, they just don't want to feel like they're being lied to.

For one thing, you've probably noticed that more and more consumers wait for the natural holidays to buy, especially for higher ticket items. And the in-between sales don't pull as well as they used to. Why? because we've trained the customer that the biggest offers happen on the natural holidays. And that's not just hype. It's true. Retailers know most customers shop then so they want to fish when the fish are biting by throwing their biggest offers out there during these sales. The consumer believes the hype that this is the biggest sale of the season, because it truly is the biggest sale of the season.

Other events need to have their own narratives that ring true. If sales are down during those off times and your warehouse fills up, you can talk openly about the warehouse being overloaded so you have to price everything to move so you can make room for the next shipments. That's a believable story – because it is the truth. If you're always going to offer a 20% off coupon, like Bed, Bath & Beyond does, you train people to expect they can always get 20% off when they go there. It may be an ongoing sales tool, but it's a believable one because it's been a consistent part of your brand narrative.

So, yes you need to figure out how to hype your sales with truth and authenticity. But that doesn't mean you can't have a big sale that drives traffic. You just need to work a little harder to make sure you're doing it the right way. And if you can make it entertaining, too – that a bonus. Because that's where marketing is going next. People want to have fun and be entertained. But they still will always want to get a good deal. If you have one, you've got the basis for a good sale.

Mike McClure, Now 20% off, for one day only!